Experian changed how they score you

glentoran99

Psmith77 wrote: »

The credit matcher matches you to lenders depending on what they have scored you

No it doesn't, it matches you to lenders based on your credit profile, same as this one does


https://www.moneysavingexpert.com/eligibility/credit-cards/


the magic number Experian make up is irrelevant

MEM62

OP, The point that is being made is that the 'score' is irrelevant. The data on your report is all that is important and it is this and this only that you need to ensure is accurate and up to date.

As to why people may to subscribe to the services sold by the CRA's, it would be my opinion that they have been duped. They have subscribed to something that they do not need and that will not achieve what have been led to believe it will.

Mummyto4kids

I can honestly say I am cancelling my Experian membership with immediate effect and have made a complaint to them as well. It took them 6 months, 3 alias forms and a formal complaint for them to add my former married name onto my credit file despite them acknowledging to me that my electoral roll record does identify me at my previous address under my old name. They weren't showing my previous name which meant a default wasn't showing (settled and old, but still there!) They finally did this the same week as my mortgage application went in, and my "score" due to 3 searches by Halifax, the pulling through of the old settled default and the new scoring system sent me from 967 to 603 - excellent to poor in a jiffy


Its useless as a tool because Halifax could see my entire credit history before I could, and so this made up number meant nothing to them and misled me into thinking that my credit record was near perfect - I mistakenly assumed that the old settled default wasn't being reported to Experian but it was. I'm using the free Noddle and Clearscore services from now on as I've had no issues with credit for 5.5 years since everything is on direct debit and I am sensible about what I spend.


I wouldn't ever pay £14.99 for this again I am afraid.

Ginger_Princess

Yes mine has dropped 344 points, I'm back to poor. This has really upset me after all the work I've done to rebuild my score.
Maybe it makes sense now why noddle have always given me a bad score.
What's the point in making an effort.
Very upset

alext_3

Working alongside part of the finance industry myself, I know the "score" means nothing to lenders - however I have always used my Experian score as a guide and must say, I am baffled at how I have gone from "excellent" to "poor" in 2 months despite no actual changes to my circumstances.


I wrote to Experian with my concerns, and their responses were generic and if anything, only reinforced why I would be baffled at the change.


I used to have 2 defaults (both settled) showing on my report, but as of November due to age this has reduced to 1. In the next 6 months the other will disappear too - but I'm not overly concerned as its settled and is over 5 years old any way.


I have 3 credit cards which are squeaky clean - never missed a payment and I'm using less than 50% of my available credit. This will be fully clear as of next month, but again - that's of no relevance as they're always paid in time.


The only change to my report in the last 6 months has been the addition of a mobile phone contract. However - Experian themselves told me that only when there is MORE than 1 addition to my credit accounts in the last 6 months will my "score" be affected. In other words - mine shouldn't be affected by this.


So all in all - I am now showing only 1 single default as opposed to 2 that were showing 3 months ago. I have never missed a payment in 5 years, have never used an overdraft and all my accounts are up to date. I am on the electoral roll and never overspend.


Yet my "score" or how they see me as a credit prospect has gone from Excellent to Poor...... anyone have any ideas at all?


As a side note... slightly stretching the topic subject but I am interested to know. I want to apply for a mortgage in the next 6 months and have been reading the MSE guide for first time buyers. I have my deposit saved, and will be borrowing well within the green "comfortable" area of my affordability check.


I have always used my credit cards (even when I don't need them) simply to borrow and then show that I can re-pay to build my credit score. Back in July I used one of my credit cards to buy my holiday money with - but didn't realise this is classed as a "Cash" withdrawal which on Martin's guide says NEVER to do because it flags up to lenders that I may be unable to live within my means. Clearly this is shocking to me - I didn't use it for this reason and its now paid off. I don't want this to negatively impact my chances of now getting a Mortgage going forward as I have saved for so long and worked so hard to build my credit file up.


Does anyone think this would be a worry??


Thank you.

Thrugelmir

alext wrote: »

I have always used my credit cards (even when I don't need them) simply to borrow and then show that I can re-pay to build my credit score.

Proves nothing. Other than you borrowed money and paid it back.

robber2

May I politely suggest that all the gullible posters who actually think that a change in their (entirely ficticious) 'credit score' matters one bit take a read of the sticky at the top of this forum. Here they will find many posters (and MSE themselves ) have gone to a great deal of effort to carefully explain the irelevance of this made up number.
It servers one purpose and one purpose alone; to generate revenue for the credit reference agencies.

alext_3

Thrugelmir wrote: »

Proves nothing. Other than you borrowed money and paid it back.

So - actually - it clearly does prove something.


If I didn't pay it back, would it have a negative affect? Absolutely. Would they take it as "proof" that sometimes I didn't pay? Absolutely.


I'm struggling to see what point you're (trying) to make?

alext_3

robber2 wrote: »

May I politely suggest that all the gullible posters who actually think that a change in their (entirely ficticious) 'credit score' matters one bit take a read of the sticky at the top of this forum. Here they will find many posters (and MSE themselves ) have gone to a great deal of effort to carefully explain the irelevance of this made up number.
It servers one purpose and one purpose alone; to generate revenue for the credit reference agencies.

I for one have read the stickies, and also understand as stated that the score is basically irrelevant.


I think my (and possibly others) frustrations with this are that Experian have clearly moved their goalposts but there seems to be little understandable logic involved. I know it means nothing, but even MSE says you can use it as a "rough" guide. Many people appear to have "roughly" gone from being apparently an excellent prospect to lenders, to a poor one overnight.


As I'm sure you can appreciate - whether the score meant anything or not - if you suddenly went from "Excellent" to "Poor" - the first question you'd ask is why? You'd also probably worry and think perhaps some false information has been put on your credit report.... turns out its just Experian messing about with their scoring system.

MABLE

I'm still waiting to access my so called score through Barclaycard but still the same old message saying it is in the final stages etc. Perhaps someone has been told when the start date will be.